Business Succession Planning
At some stage you will decide to leave your business; perhaps you have decided to sell, retire or do something else. Regardless of the reason, having a succession (or exit) plan in place will help you to smoothly transition out of your business.
A good succession plan can not only secure a business owner’s retirement but also their legacy, here at Breslins we can help you through the succession planning process. In order to get the best outcome for both the business and the owner a strategic approach is required to form an exit strategy, getting the business ready for sale and ultimately selling the business.
- Forming an exit strategy
Preparing to sell a business can take years and it needs to be a priority in order to ensure a smooth transition at the best price. Leaving a business can be a very emotional time for the business owner and a clear strategic plan helps to ensure the right decisions are made.
- Getting the business ready for sale
The business needs to be at its best when it goes to market so sometimes investments is needed to ensure business systems are modernised and staff are fully trained. Smart buyers will want to see at least 2 years of clean financial data so making sure the books are all in order is essential. Breslins can help identify ways to increase the value of the business by helping to identify was drives value in the business and making them even better as well as fixing the things that would give a buyer pause.
- Selling the Business
This stage will involve the help of various professionals from getting legal advice on a contract to prospective buyers performing due diligence, Breslins business consultants will be able to take you through the process and make sure you are getting the best advice and know what to expect.
If you are thinking about selling your business Breslins can help you plan the process and maximise the value of your business. If you would like a no obligation informal chat please get in touch, we are located in Birmingham’s Jewellery Quarter and would be happy to help.